The following data represent the daily demand y in thousands of units) and the unit price x in dollars) for a product.
$\begin{array}{cc}\text { Daily Demand y) }&\text { Unit Price } x \text { ) }\
47 & 1 \
39 & 3 \
35 & 5 \
44 & 3 \
34 & 6 \
20 & 8 \
15 & 16 \
30 & 6
\end{array}$
a. Compute and interpret the sample covariance for the above data.
b. Compute and interpret the sample correlation coefficient.

Question

The following data represent the daily demand y in thousands of units) and the unit price x in dollars) for a product.
 $\begin{array}{cc}\text { Daily Demand y) }&\text { Unit Price } x \text { ) }\
47 & 1 \
39 & 3 \
35 & 5 \
44 & 3 \
34 & 6 \
20 & 8 \
15 & 16 \
30 & 6
\end{array}$ 
a. Compute and interpret the sample covariance for the above data.
b. Compute and interpret the sample correlation coefficient.

Quizplus · Accepted Answer

The Answer of The following data represent the daily demand y in thousands of units) and the unit price x in dollars) for a product.
 $\begin{array}{cc}\text { Daily Demand y) }&\text { Unit Price } x \text { ) }\
47 & 1 \
39 & 3 \
35 & 5 \
44 & 3 \
34 & 6 \
20 & 8 \
15 & 16 \
30 & 6
\end{array}$ 
a. Compute and interpret the sample covariance for the above data.
b. Compute and interpret the sample correlation coefficient.

The Following Data Represent the Daily Demand Y in Thousands